In celebration of World Consumer Day, the Consumer Affairs Commission of Jamaica (CAC) is focusing on financial literacy under the theme ‘Level Up: Manage Your Money’.

Observed on March 15 annual, the day aims to raise awareness about consumer rights and needs. Every person who purchases various goods, services and products has the right to know about the quantity, quality, standard and price of that product or service.

Amid the increase in the cost of living, the CAC has decided to focus on financial literacy, offering financial tips to citizens who are struggling to cope with inflation.

Speaking at a Jamaica Information Service ‘Think Tank’, last week Thursday (March 9), chief executive officer (CEO), Dolsie Allen, said that the observance allows for focus to be on the needs of the consumer.

“We want consumers to be well informed as it relates to financial issues; we want you to take your finances in charge. We want, not just to protect you but we also want to empower you as consumers so you can manage yourself well from very early,” said Allen.

To improve financial literary in Jamaica, the following tips were given by the CAC when making a budget.

• Write down all your income and expenses
• Set realistic goals and make a plan
• Adjust your spending to stay on budget
• Review your budget regularly.

The CAC will also have further discussions on topics such as credit report, budgeting, understanding interest rates, how to improve income, debt management/reduction strategies and managing money. Information will be posted on their website and social media accounts.

The international theme for the day is ‘Empowering Consumers through Clean Energy Transitions’.

Though the focus in Jamaica this year is on financial literacy, it is also important to know the various rights of consumers. These rights were created to ensure that consumers can shop safely and when known, protect them from being exploited.

The rights of a consumer in Jamaica according to the CAC are as follows:

• The Right to Satisfaction of Basic Needs Citizens must demand access to essential goods and services such as adequate food, clothing, shelter, health care, education, public utilities, water, and sanitation.

• The Right to Safety and protection from hazardous goods or services.

• The Right to be Informed and protected against fraudulent, deceitful or misleading information and to have access to accurate information and facts needed to make informed choices and decisions.

• The Right to Choose and have access to a variety of products and services at fair and competitive prices.

• The Right to be Heard and to express and represent consumer interests in the making of economic and political decisions.

• The Right to Redress and to be compensated for misrepresentation, shoddy goods or unsatisfactory services.

• The Right to Consumer Education and to become a skilled and informed consumer capable of functioning effectively in the marketplace.

• The Right to a Healthy Environment that will enhance the quality of life and provide protection from environmental problems for present and future generations.

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